New business models for the digital economy

How to foster innovation in your organisations will be the focus of the last Big Issues in Business event for the year.

The digital economy is changing the way we do business, says a Massey University entrepreneurship expert, and it’s creating both challenges and opportunities for New Zealand companies.

Professor Lorraine Warren will share her research into the new business models emerging from technological change at a Massey Business School event next week.

‘Innovation: Achieving the great leap forward’ is the final Big Issues in Business seminar for 2015 and will explore how entrepreneurial behaviour can be fostered to drive business success.

Professor Lorraine Warren discusses her innovation research.

Be agile and experiment

Professor Warren says the the early adoption of digital technologies can provide a competitive edge, but it can be difficult to predict the new business models that are going to work.

“It’s important to be as fluid as possible – success often comes after trying a series of temporary models that are continuously reshaped and strengthened over time,” she says.

“This keeps your strategic options open while still moving the business forward as technology and consumer behaviour continues to rapidly change.”

Professor Warren says it’s important to encourage low-level experimentation and to organise your business for flexibility and agility if you want to foster innovation.

“On the one hand, the digital economy moves quickly, which is challenging,” she says. “But on the other hand, the entry barriers to experimenting with digital innovations are quite low, particularly on the internet.”

Experts share their insights

Professor Warren will share her research insights at the Big Issues in Business event alongside Louise Webster, chief executive of the New Zealand Innovation Council, and Russell O’Brien, head of innovation and entrepreneurship at Auckland Tourism, Events and Economic Development.

The trio will provide academic and practitioner views on how to teach entrepreneurial behaviours and how to create a culture that encourages innovation.

“These are important lessons for companies of all sizes as they grapple with the pace of change in today’s business environment,” Professor Warren says.

Event details:

Date: Wednesday August 26, 2015

Time: Networking from 5.30pm-6.00pm. Presentations and discussion from 6.00pm-7.00pm